Ind-Ra revises Tata Steel’s outlook to Positive, affirms rating at ‘IND AA'

Ind-Ra continues to take a consolidated view of TSL and its subsidiaries to arrive at the ratings.

Jun 10, 2021 12:06 IST India Infoline News Service

Steel angles, Metals
India Ratings and Research (Ind-Ra) has revised Tata Steel Limited’s (TSL) Outlook to Positive from Stable while affirming its Long-Term Issuer Rating at ‘IND AA’.

Ind-Ra continues to take a consolidated view of TSL and its subsidiaries to arrive at the ratings, owing to the strong operational and strategic linkages among them.

A sustained increase in the consolidated profitability, leading to an improvement in the credit metrics with the adjusted net leverage below 3.0x on a sustained basis, and lower refinancing requirements at overseas group entities could lead to a positive rating action, according to the rationale report.

At around 12:52 PM, Tata Steel was trading at Rs1,111 per piece up by Rs10.1 or 0.92% from its previous closing of Rs1,100.90 per piece on the BSE.

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